2022-04-012023-03-312023-03-31false11107649Consilience Group 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Consilience Group Ltd

Registered Number
11107649
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

Consilience Group Ltd
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

F P J G Caron
K Monserrat

Registered Address

Admiral Court Flat 32, 34 Admiral Court
The Waldrons,
Croydon
CR0 4GF

Registered Number

11107649 (England and Wales)
Consilience Group Ltd
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Current assets
Debtors9235,839107,761
Cash at bank and on hand168,407880,559
404,246988,320
Creditors amounts falling due within one year10(21,518)(26,931)
Net current assets (liabilities)382,728961,389
Total assets less current liabilities382,728961,389
Creditors amounts falling due after one year11(275,000)(615,556)
Net assets107,728345,833
Capital and reserves
Called up share capital1,5401,540
Share premium1,882,610580,549
Other reserves1,026,5851,399,137
Profit and loss account(2,803,007)(1,635,393)
Shareholders' funds107,728345,833
The financial statements were approved and authorised for issue by the Board of Directors on 6 March 2024, and are signed on its behalf by:
K Monserrat
Director
Registered Company No. 11107649
Consilience Group Ltd
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.
3.Principal activities
The principal activity of the company in the year under review was the development of a digitalised investment management platform. The company provides support with chain tokenisation and audited smart contracts with the aim of minimising costly mistakes.
4.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention.
5.Accounting policies
Functional and presentation currency policy
The financial statements are presented in pound sterling (£) which is the company’s functional currency, and figures are rounded to the nearest whole pound.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue recognition policy
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Taxation policy
Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Research and development policy
Revenue expenditure on research and development is written off in the period in which it is incurred. The company makes claims under the SME R&D tax relief scheme. Tax credits arising from claims made under the SME R&D tax relief scheme are reflected 'below the line' as a reduction in the Corporation Tax charge or, if loss making, as a Corporation Tax credit. Tax credits receivable from R&D claims are recognised in the reporting period in which the qualifying expenditure is incurred.
Foreign currency translation and operations policy
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Leases policy
Rentals paid under operating leases are charged to the income statement on a straight-line basis throughout the lease.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
Valuation of financial instruments policy
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently,at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially,at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value.
Going concern
The financial statements have been prepared on a going concern basis. The company incurred losses during the year, however, the directors have a reasonable expectation that the company has sufficient financial resources to meet its obligations, if and when, they become due and that the company will be able to continue to trade for a period of at least 12 months from the statement of financial position date. The directors are therefore of the opinion that they should continue to adopt the going concern basis of accounting in preparing the financial statements.
6.Critical estimates and judgements
No critical estimates or judgements have been applied in the preparation of these financial statements.
7.Employee information

20232022
Average number of employees during the year66
8.Description of nature of transactions and balances with related parties
At the statement of financial position date the company owed the directors £12,927 (2022: £12,927). All loans are unsecured, interest-free and repayable on demand.
9.Debtors

2023

2022

££
Trade debtors / trade receivables30,000-
Other debtors205,839107,761
Total235,839107,761
10.Creditors within one year

2023

2022

££
Trade creditors / trade payables-4,153
Amounts owed to related parties-145
Taxation and social security8,5919,706
Other creditors12,92712,927
Total21,51826,931
11.Creditors after one year

2023

2022

££
Other creditors275,000615,556
Total275,000615,556